The Official Report is a written record of public meetings of the Parliament and committees.
All Official Reports of meetings in the Debating Chamber of the Scottish Parliament.
All Official Reports of public meetings of committees.
Displaying 2133 contributions
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
I am sure that you have studiously read the Official Report of our previous evidence session in preparation for today’s meeting. One issue that came up was the quite substantial difference between the amount of money that the Scottish Government had allocated to the bank and the amount that had been committed. I appreciate that not all of the investments will have been made in the financial year in which the deal, say, is agreed—I do understand that there will be a rollover element.
However, the numbers that I have in a letter of 16 June that we received from the Auditor General subsequent to that evidence session, and which I am sure that you have also read, point to a difference of around £70 million over the bank’s five years between how much money the Government allocated to you and how much you committed to investments. That is a substantial difference. Can you explain it?
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
I accept and acknowledge that. I am not entirely convinced that the argument that we should pay people more so that fewer mistakes are made is the right one to make—
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
I hope that that is not the case.
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
If you had £5 million and gave £0.5 million each to 10 investments, over time, some of them would invariably do well. Surely, that is the whole point about growing the Scottish economy. If you are willing to pay a little bit of attention, you could play a vital role. The financial risk at that level would be small.
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
If I was being pessimistic, I would say that it sounds like you are looking for reasons to pay bonuses that are not based on financial performance. The bank has turned a financial corner only this financial year but I presume that you have been paying bonuses for a number of years at a high level.
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
Forgive me if I am wrong, but I got the impression from one of your earlier answers that you want to be free from the shackles of public sector pay constraints to allow you to recruit more aggressively, pay better and give better terms and conditions or to act as a quasi-commercial bank.
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
It would be helpful if you could write to us with that information.
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
It would just save me having to submit a freedom of information request, to be honest.
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
My final question concerns an issue that arose when we spoke to the Audit Scotland team, and it will lead into the final set of questions, which concern the balance of investments. That is an area that is of interest to me because of my discussions with a number of stakeholders who have engaged with the bank.
The Auditor General’s report states that 92 per cent of investees are small and medium-sized enterprises. On the face of it, that sounds quite positive, but that is not the same as 92 per cent of investments. Can you give me the figures on that latter point? How much money do you invest in small and medium-sized businesses in Scotland?
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Jamie Greene
I raise the issue because, when the Audit Scotland team presented evidence to us on the report, we heard that it had arisen in their feedback sessions with industry. One of the witnesses said:
“I will highlight some feedback from the financial services sector that said that the bank could sometimes take more risks to support scalable businesses, particularly in the tech sector, to improve Scotland’s productivity.”—[Official Report, Public Audit Committee, 28 May 2025; c 12.]
Is that something that you would consider doing?